Superannuation Complaints Tribunal (SCT)

Super Complaints Tribunal lacks budget to resolve existing complaints

The Superannuation Complaints Tribunal lacks the budget to resolve existing complains, the organisation has told a Parliamentary committee. A Senate committee has been conducting an inquiry into the Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Bill 2017. This Bill, if passed, would roll the Superannuation… Read More »Super Complaints Tribunal lacks budget to resolve existing complaints

Scrapping Super Complaints Tribunal puts consumer protections at risk

The Association of Superannuation Funds of Australia (ASFA) says that consumer protections may be put at risk if the Superannuation Complaints Tribunal (SCT) is scrapped. This follows the interim report from a Government-appointed panel conducting a review into the financial system external dispute resolution framework. The review panel recommends, in… Read More »Scrapping Super Complaints Tribunal puts consumer protections at risk

Superannuation dispute resolution system is broken, SCT review finds

The review into the financial system’s external dispute resolution and complaints framework says the “the dispute resolution mechanisms for superannuation are broken and will not withstand future pressures”. In May 2016 the government announced that an independent expert panel would review the dispute resolutions schemes for the financial system, including… Read More »Superannuation dispute resolution system is broken, SCT review finds

Financial system complaints framework review issues paper released

An issues paper has been released for the review of the financial system external dispute resolution framework. The review is considering if changes should be made to the financial sector dispute resolution and complaints bodies: the Superannuation Complaints Tribunal (SCT), Financial Ombudsman Service (FOS) and the Credit and Investments Ombudsman.… Read More »Financial system complaints framework review issues paper released

Review announced into Superannuation Complaints Tribunal

A review into the financial sector external dispute resolution and complaints schemes, including the Superannuation Complaints Tribunal, has been announced. Minister for Revenue and Financial Services, Kelly O’Dwyer, released the terms of reference for the independent review. The review will include the Superannuation Complaints Tribunal, Financial Ombudsman Service (FOS) and the Credit & Investments Ombudsman.… Read More »Review announced into Superannuation Complaints Tribunal

More funding for the Superannuation Complaints Tribunal

The Government has announced increased funding for the Superannuation Complaints Tribunal. $5.2 million of additional funding for the Superannuation Complaints Tribunal (SCT) was announced by the Treasurer and Assistant Treasurer, to “help deal with legacy complaints and improve internal processes”, alongside changes to ASIC funding. “We know that there have been… Read More »More funding for the Superannuation Complaints Tribunal

New Superannuation Complaints Tribunal chair appointed

Superannuation Complaints Tribunal, chair Helen DavisThe Government has appointed Ms Helen Davis as the new Chairperson of the Superannuation Complaints Tribunal for a period of five years.

Announcing the appointment Assistant Treasurer Josh Frydenberg said “Ms Davis has a strong understanding of superannuation and the sector and will continue to ensure that the Tribunal fulfils its mediation and settlement role in the important area of superannuation.”

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Superannuation Complaints Tribunal (SCT)

Superannuation Complaints TribunalThe Superannuation Complaints Tribunal (SCT) is a dispute resolution mechanism for superannuation.

The Superannuation Complaints Tribunal deals with “complaints about superannuation in the areas of regulated superannuation funds, annuities and deferred annuities, and retirement savings accounts ”

However not all super fund members can access the Superannuation Complaints Tribunal, including SMSF members. Also, the Superannuation Complaints Tribunal does not deal with some kinds of complaints, including failure by employees to pay superannuation guarantee contributions, The full list is available on the Superannuation Complaints Tribunal website.

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